The founder of outdoor clothing and gear company Patagonia announced on Wednesday that he was handing over his company after 50 years to groups that advocate climate change mitigation.
Yvon Chouinard, 83, said in a statement on Wednesday that rather than sell Patagonia, which is valued at around $3 billion, his family has decided to transfer it to public trusts and purpose-built nonprofit groups. to ensure that any revenue not reinvested in the business is channeled into the fight against climate change and the protection of the environment. Patagonia estimates that its annual profits will be around $100 million, meaning the contributions could significantly increase funding for environmental activists.
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“Truth be told, there were no good options available. So we created our own,” Chouinard said of his family’s decision to create both the Patagonia Purpose Trust and the purpose organization. non-profit Holdfast Collective as beneficiaries of the company’s profits.
Chouinard made the decision alongside his wife and two adult children.
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The Holdfast Collective is a 501(c)(4) nonprofit group that can advocate for political causes and candidates.
Original location: Patagonia owner donates $3 billion company to climate change activism
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